@Anonymous wrote:
@longtimelurker wrote:
@oracles wrote:
thanks everyone in advance for your response
So here is my dilemma, God is great and I have all scores (fico 8) over 825.
i am looking to buy a home and get a pre approval but I haven't decided when I am going to do it.
Life I find a really nice home and it's within my price range, I will do it but I have not found anything yet.
also if I wait until next year, my income for this year will be better and I would get approve for a higher amount.
i also want a sallie Mae card for the 5% gas and groceries that will work very well for me.
I know I should not apply for any new credit but I really would like to have this card.
will it truly make a difference if I get this card now?
what would you do?
Check your FICO 04 socres as they are what will be used in a mortgage. If they are sufficient;y high, an extra inq and new tradeline won't make any difference to the rates. If they are somewhat lower, you do then have to consider whether their is a risk you will end up getting a higher interest rate on your mortgage, which you clearly don't want! Also consider how much you will get from the Sallie Mae, it maxes out at $50 per month over a 1% card if you meet the cap on gas, groceries and bookstores. If there is any risk, that is probably not enough reward to counter it.
But again, if scores are high enough, not a problem. I got a card about 1 month before my mortgage and just had to fill in an extra form about it (did I get a new line of credit, how much and what %)
Can I ask what card you use that nets you over $50 per month? Outside of a sign up bonus, it usually takes me 3-5 months to accrue $50, and that's usually on my SMMC.
I'm assuming you have a ridiculously high spend. Wouldn't it be logical to get $50 from the SMMC and the rest on another card?
That really wasn't my point at all! I'm saying THE MOST you can get on the Sallie Mae is $50 (and most people wouldn'tt get that as you have to max out all three categories) and if apping causes a risk of say an extra 0.25% on the mortgage, $50 a month usually wouldn't outweigh that.
But to answer your question, I get more than $50 a month on several cards. And if your other cards give less than 5% max out SM, but the cards I use in those categories (OBC, Citi Forward) also give 5% so no need to use the Sallie Mae.
Nice card.
